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Reinsurance | 12 Months Ended
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Dec. 31, 2024
Reinsurance [Abstract] |
Reinsurance | REINSURANCE A summary of reinsurance activity is as follows:
(In millions) | For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Net assumed written premiums | $ | 104.4 |  |  | $ | 92.8 |  |  | $ | 72.5 |
Net premiums earned | 96.1 |  |  | 79.6 |  |  | 62.7 |
Provision for claims | 73.5 |  |  | 70.7 |  |  | 46.4 |
Amortization of capitalized acquisition costs | 2.4 |  |  | 1.9 |  |  | 1.5 |
The trust assets and related reinsurance liabilities are as follows:
(In millions) |  |  | As of December 31,
| Balance Sheet location |  | 2024 |  | 2023
Trust assets | Restricted cash and cash equivalents |  | $ | 0.3 |  |  | $ | 1.4 |
Trust assets | Restricted securities available for sale |  | 106.4 |  |  | 93.2 |
Unearned premium | Accounts payable and accrued liabilities |  | 75.9 |  |  | 67.6 |
Claims reserve (1) | Accounts payable and accrued liabilities |  | 6.0 |  |  | 5.6 |
(1) The claims reserve represents our liability for incurred-but-not-reported claims and is estimated based on historical claims experience. The following tables present information about incurred and paid claims development for the five-year period ended December 31, 2024:
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |
|  | Cumulative Incurred Claims |  | As of December 31, 2024
Incident Year |  | As of December 31, |  | Claims Reserve |  | Cumulative Number of Reported Claims
| 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |
2020 |  | $ | 37.7 |  |  | $ | 37.6 |  |  | $ | 37.7 |  |  | $ | 37.7 |  |  | $ | 37.7 |  |  | $ | — |  |  | 28,214 |
2021 |  |  |  | 38.9 |  |  | 39.2 |  |  | 39.3 |  |  | 39.3 |  |  | — |  |  | 28,855 |
2022 |  |  |  |  |  | 46.0 |  |  | 47.7 |  |  | 47.8 |  |  | — |  |  | 30,492 |
2023 |  |  |  |  |  |  |  | 68.9 |  |  | 69.2 |  |  | — |  |  | 38,725 |
2024 |  |  |  |  |  |  |  |  |  | 73.1 |  |  | 6.0 |  |  | 38,798 |
Total |  |  |  |  |  |  |  |  |  | $ | 267.1 |  |  | $ | 6.0 |  |  | 165,084 |
(In millions) |  | Cumulative Paid Claims
|  | As of December 31,
Incident Year |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024
2020 |  | $ | 35.4 |  |  | $ | 37.6 |  |  | $ | 37.7 |  |  | $ | 37.7 |  |  | $ | 37.7 |
2021 |  |  |  | 36.5 |  |  | 39.2 |  |  | 39.3 |  |  | 39.3 |
2022 |  |  |  |  |  | 42.9 |  |  | 47.7 |  |  | 47.8 |
2023 |  |  |  |  |  |  |  | 63.3 |  |  | 69.2 |
2024 |  |  |  |  |  |  |  |  |  | 67.1 |
Total |  | $ | 261.1 |
Average Annual Percentage Payout of Incurred Claims by Age
Claim Age (Years) |  | 1 |  | 2 |  | 3 |  | 4 |  | 5
Payout Percentage |  | 91.7 | % |  | 8.1 | % |  | 0.2 | % |  | — | % |  | — | %

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- Definition The entire disclosure pertaining to the existence, magnitude and information about insurance that has been ceded to or assumed from another insurance company, including the methodologies and assumptions used in determining recorded amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479838/944-20-50-4 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-12 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 605 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477548/944-605-55-15 + Details
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